Best entry levels luring AUD/NZD bears after baseline breach

Well, after achieving our previous targets at 1.1017 we are now back into bearish business.

On daily chart , despite forming a shooting star pattern on rallies, bulls have been disregarding and managed to breach the crucial resistance at 1.0928 levels (see blue colored circled areas in which demand is seen more than supply).

The price has now been behaving to complete a descending triangle pattern at 1.1017 which was exactly our earlier targets.

The rallies could not sustain declining top trendline and collapsed below support at 1.1017.

The spot FX at this juncture trading at 1.0969, if it manages these levels on a closing basis then we reckon that this pair would certainly approach 1.1017 which is next resistance.